DIY & Hardware Store - Canada

Canada

In Canada, the revenue in the DIY & Hardware Store market is projected to reach €40.33bn by 2024.
It is anticipated that the market will experience an annual growth rate of 2.79% (CAGR 2024-2029).
When compared globally, in China leads the way with a staggering revenue of €720bn in 2024.
Looking at the per capita figures, each Canadian generates €1,031.00 in revenue in 2024.
Canada's DIY & Hardware Store market is experiencing a surge in demand due to the country's growing interest in home improvement projects.

Key regions: Worldwide, China, United States, India, Japan

Definition:

The DIY (Do-It-Yourself) market refers to the retail market for products used in home improvement and repair projects, such as tools, hardware, building materials, and lawn and garden products. These products are marketed to consumers who want to perform home improvement projects on their own rather than hire a professional. The DIY market provides consumers with the materials and tools they need to complete projects ranging from simple repairs to complete renovations, allowing them to save money and express their creativity in their living spaces.

Structure:

The market is divided into seven different segments:

The Paint, Wallpaper & Supplies segment includes products used for interior and exterior decoration, renovation, and protection of residential buildings.
The Tools & Machines segment consist of products used for construction, maintenance, and repair tasks.
The Hardware & Building Materials segment includes a diverse range of products that play an important role in the structure, safety, and functionality of a building.
The Lawn & Garden segment encompasses products that help homeowners and landscapers to create and maintain attractive and functional outdoor living spaces.
The Heating & Cooling segment focuses on produts that help regulate indoor temperatures, ensuring comfort, energy efficiency, and air quality in homes.
The Bathroom Hardware segment includes products designed to enhance the functionality and appearance of bathrooms.
The Floor Covering segment encompasses products that serve to protect the floor, enhance the appearance of the room, provide insulation and comfort, and can add value to a property.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The DIY & Hardware Store Market in Canada has been seeing sluggish growth, influenced by a range of factors such as low consumer confidence, rising costs of building materials, and a shift towards e-commerce. This trend is prevalent across all sub-markets, with a notable decline in demand for tools and machines due to the slowdown in construction activities. Changing consumer preferences and the presence of big-box retailers are also impacting the market's growth rate.

Customer preferences: Consumers in Canada are increasingly turning to DIY and hardware stores for home improvement projects and repairs, driven by the desire for cost-effective solutions and the satisfaction of completing projects themselves. With the rise of social media and online tutorials, consumers are also prioritizing the aesthetic appeal of their projects, seeking inspiration and guidance from platforms like Pinterest and YouTube. This trend is expected to continue, as more individuals prioritize home improvement and take on DIY projects as a form of self-expression and creative outlet.

Trends in the market: In Canada, the DIY & Hardware Store market is experiencing a rise in e-commerce and online shopping, with more retailers offering digital sales channels to cater to the increasing demand for convenient and contactless shopping. This trend is expected to continue, driven by the shift towards digitalization and the rise of online marketplaces. Industry stakeholders should adapt by investing in digital platforms and enhancing their omnichannel capabilities to remain competitive and meet the evolving needs of consumers. This trend has the potential to drive growth and improve customer experience, but also presents a challenge for traditional brick-and-mortar stores to stay relevant. As such, industry players may need to restructure their strategies and adapt to the changing landscape to survive in this competitive market.

Local special circumstances: In Canada, the DIY & Hardware Store Market is heavily influenced by the country's vast geography and harsh weather conditions. This has led to a greater demand for durable and weather-resistant products, as well as a growing interest in DIY projects for home improvement and maintenance. Additionally, the strong cultural emphasis on outdoor activities and gardening has driven the need for specialized tools and equipment, creating a unique niche in the market. The country's strict regulations on building codes and environmental standards also play a significant role in shaping the products and services offered by DIY & Hardware stores.

Underlying macroeconomic factors: The DIY & Hardware Store Market in Canada is heavily influenced by macroeconomic factors, such as the state of the global economy, the health of the national economy, and government fiscal policies. The performance of the market is closely tied to overall consumer spending and confidence, as well as the housing market, as these factors impact the demand for home improvement and renovation products. Additionally, fluctuations in exchange rates and trade policies can also have a significant impact on the market, as many products in this industry are imported. The ongoing COVID-19 pandemic has also greatly affected the market, with lockdowns, supply chain disruptions, and economic uncertainty leading to changes in consumer behavior and demand for DIY and home improvement products. In recent years, the growing trend towards sustainable and eco-friendly products has also influenced the market, with increased focus on energy-efficient and environmentally-friendly solutions in the home renovation and DIY industry.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.